Greenwood, an Atlanta digital bank focused on the Black and Latino communities, has acquired Kinly, a neobank that also serves Black clients.
Greenwood said in a press release that the purchase will help grow its ecosystem of more than a million members and provide Kinly’s 300,000 users with more financial products.
The purchase price wasn’t disclosed.
Kinly has raised $20 million since launching in 2020 from investors such as Forerunner Ventures, Point72 Ventures, Anthemis and Kapor Capital.
“Kinly has always shared in our commitment to building a more transparent banking experience for Black Americans,” Ryan Glover, Greenwood’s CEO, said in the release.
The acquisition “represents a massive milestone for Greenwood as we continue in our shared effort to elevate financial tools available for our community,” Glover added.
Donald Hawkins, Kinly’s CEO, will join Greenwood as a vice president.
This acquisition is Greenwood’s fourth since early 2022. It has also acquired The Gathering Spot, A3C and Valence. The company also launched Elevate, a premium lifestyle product designed exclusively for its members.